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NEWS BITES

Australian Home Prices Fall Australian homes have experienced a 2.7% decrease in prices since hitting a high point in September 2017, according to CoreLogic’s September index. The single capital city to see significantly improved numbers was Hobart, where prices were up by 9.4% year over year. In Melbourne, prices were down 3.4% year on year and in Sydney, they decreased by 6.1%. The index notes that the rate of decline is less severe than in notable downturns. PropertyWire

U.S. Homes Foreclosed Upon Are Gaining Value More Quickly American homes foreclosed on during the recession have appreciated at a much greater rate than the national average, a report from Zillow reveals. The foreclosed homes saw their prices rise 10.3% over the course of the past year, as opposed to the 6.5% standard growth. Foreclosed homes have gained in value by 74.5% since the recession, while the average home’s price has grown 46%. Foreclosed homes rebounded to their pre-recession prices 10 months earlier than the rest of homes. World Property Journal

Unaffordability in Los Angeles Reaches Pre-Recession Level Los Angeles’s unaffordability has reached the highest point since 2008. A report from Attom Data Solutions assessed the housing markets in cities across the United States, with scores below 100 meaning that unaffordability had decreased. L.A.’s third quarter score was 87, a decrease from the 88 scored in the second quarter. Nationally, unaffordability was 92, a lower score than what's been seen in the past decade. Curbed

Property Prices Plummet in Nicaragua Months of unrest and political turmoil in Nicaragua have led to further dropped prices in one of the most inexpensive housing markets in the Americas. Home values have fallen 25% since the current crisis began in April, and thousands of people began fleeing their homes. Currently a two-bedroom home can be had for US$50,000. The Business Times

DISCLAIMER: The currency conversion is provided for illustration purposes only. It is meant only as an approximation based on the latest information available and should not be relied upon for any other purposes. We are not responsible for any loss that you may incur as a result of relying on these currency conversions. All property prices are as stated by the listing agent.

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